Real Estate Egyptian contractor to build houses in Equatorial Guinea Egypt-based Arab Contractors Company will build 100,000 housing units in Equatorial Guinea as part of a cooperation agreement signed between the two governments. The mega project will be under the direct supervision of Egypt’s housing ministry. Financial details of the project were not disclosed. The ministry is currently supervising the Tanzanian dam project, which is […] February 11, 2025
Economy Tunisia drafts plan to merge FDI agencies into one Tunisia’s government has reviewed plans to increase foreign direct investment by merging various agencies into a new Supreme Investment Authority. The SIA would merge six investment-focused government agencies and the Tunisian Investment Authority, plus various offices at home and abroad, into one, according to the local Alshuruq newspaper. A draft law has been reviewed by […] February 7, 2025
Food & Drink Americana acquires Pizza Hut business in Oman Americana Restaurants, the largest food service business in the Mena region, has acquired the Pizza Hut brand in Oman from the Khimji Ramdas Group. The restaurant operator said the acquisition includes 46 Pizza Hut restaurants which had an annual revenue of approximately $11 million in 2024. The additional outlets increase its Pizza Hut restaurants across […] January 24, 2025
Construction German company to assess proposed Spain-Morocco tunnel A German-owned company has been awarded a contract to conduct a feasibility study on building an undersea railway tunnel between Morocco and Spain, the latest indication that the long-stalled plan could become reality. If built, the tunnel would be one of the longest of its kind worldwide and would make transporting goods and people between […] January 22, 2025
Energy Abu Dhabi’s Phoenix Group signs Ethiopian power deal Abu Dhabi-based technology conglomerate Phoenix Group has acquired an 80 megawatt (MW) power purchase agreement (PPA) in Ethiopia. It follows just weeks after the company launched a 50MW cryptocurrency mining facility in North Dakota in the US. A PPA is usually a long-term electricity supply agreement. The deal, secured in partnership with UAE cybersecurity company […] January 22, 2025
Economy Lebanon and Sudan swell Arab countries’ public debt Public debt in Arab countries swelled by nearly $142 billion at the end of 2023, mainly because of a sharp rise in obligations by Lebanon and war-battered Sudan. Total debt increased despite a fall in Egypt’s public, mostly domestic, dues as a result of a large depreciation in the pound against the US dollar. The […] January 20, 2025
Analysis Mining Lithium find exposes Algeria’s neglected mining sector The discovery of lithium in Algeria is a major economic opportunity – but underinvestment in the country’s mining industry means it could take a decade or more to bear fruit, experts say. In May 2024, Algeria discovered significant deposits of lithium and other essential climate technology minerals in the southern regions of Tamanrasset and In […] January 16, 2025
Trade Kenya-UAE Cepa may increase food exports and investment The UAE and Kenya have signed a comprehensive economic partnership agreement (Cepa) that is predicted to lead to a threefold increase in food exports from the East African nation. The trade deal, which was agreed in February last year, is expected to accelerate trade and investment in agriculture, infrastructure, healthcare, travel and tourism, financial services and […] January 15, 2025
Leisure & Hospitality Jumeirah appoints acting CEO to lead expansion plans Jumeirah Hotels Group, the owner of Dubai’s Burj Al Arab hotel, has appointed Thomas Meier as CEO to lead the luxury hotel chain in its global expansion push. Swiss national Meier has been acting CEO for the past 10 months following the departure of Katerina Giannouka in late February last year. Meier, who has been chief […] January 9, 2025
Trade Jet fuel makes UAE Kenya’s second largest exporter The UAE has moved ahead of the US, Pakistan, Netherlands, Tanzania and the UK to become Kenya’s second largest export market, according to latest government figures. The Emirates are second, behind Uganda, after exports from the Gulf state more than doubled, the Kenya National Bureau of Statistics (KNBS) said in its latest report. However, the […] January 9, 2025
Opinion Aviation How to break the impasse that stops African airlines soaring The onerous taxes and fees in the aviation sector stem from charges set unilaterally by governments December 26, 2024
Artificial Intelligence Dubai’s Hodler in global AI data centre partnership Dubai’s Hodler Investments has partnered with US technology company Vertical Data to launch “sustainable” artificial intelligence data centres in the UAE, the Gulf, Africa and Canada. The companies said they are targeting rising demand for high-performance computing. Growing interest in AI applications has strained existing data centre capacity and fuelled intense demand for energy to […] December 24, 2024
Oil & Gas Nigeria targets Abu Dhabi for oil-backed loan Nigeria’s state-owned oil company, the Nigerian National Petroleum Company (NNPC), is looking to Abu Dhabi National Oil Company (Adnoc) as a potential source of financing as the African state strives to increase its crude oil production capacity. NNPC seeks to raise $2 billion through a syndicated crude oil-backed loan in an operation called Project Leopard. […] December 20, 2024
Logistics DP World starts work on $1.2bn port in Senegal Dubai-based DP World has commenced work on the $1.2 billion Port of Ndayane, with the aim of transforming Senegal into a major centre for global trade. The Willem Van Rubroeck vessel is set to dredge a five km-long shipping channel to build a high-capacity port. The project’s first phase also includes an 840m quay to […] December 19, 2024
Tech Turkey space race gains pace with Somalia launch facility Turkey is building a rocket-launching facility in Somalia, boosting its ambition to join the global space race. The project is expected to generate jobs and revenue, Bloomberg reported, citing Somalia president Hassan Sheikh Mohamud. “I personally believe that the importance of Somalia hosting a launchpad for Turkish satellites is even more significant than the billions […] December 19, 2024
Markets Masdar-backed Infinity Power considers Abu Dhabi IPO Infinity Power, a joint venture between Egypt’s Infinity and the UAE’s Masdar, is considering listing on the Abu Dhabi stock exchange within the next three years, according to its chairman. “If we’re going to list today, our preference would be Abu Dhabi,” Mansour said. “Maybe that changes in a year or two. It depends on […] December 18, 2024
Oil & Gas Kenya extends oil deals with Saudi Arabia and UAE Kenya has extended oil import agreements with one Saudi and two UAE oil companies to ease pressure on its currency, according to media reports. The deals were initially signed with Saudi Aramco, Abu Dhabi National Oil Company and Emirates National Oil Company in March 2023, offering a 180-day credit period, Business Daily newspaper reported. Reuters […] December 18, 2024
Trade Dubai companies seek out deals in Uganda Representatives from 29 Dubai-based private sector companies have been in Uganda on a trade mission to seek investment deals across a range of sectors. Dubai International Chamber arranged more than 300 business meetings in Kampala between companies from both cities during the first leg of its visit to Uganda and Tanzania. Companies from sectors ranging […] December 16, 2024
Oil & Gas QatarEnergy acquires stake in offshore Namibia block State-backed QatarEnergy has agreed to acquire a 27.5 percent interest in Block 2813B offshore Namibia from Harmattan Energy Limited (HEL), an indirect subsidiary of US company Chevron Corporation. HEL is the operator of the block and will retain a 52.5 percent interest. Trago Energy Limited and the National Petroleum Corporation of Namibia are the other partners, […] December 16, 2024
Aviation Used private jets soar as Gulf aircraft deliveries stall The Gulf’s second-hand private jet market has enjoyed a surge in popularity due to an influx of wealthy residents and delays in the delivery of new aircraft. “It is hard for [buyers] to get access to assets,” Vincent Rolland, director of JetNet IQ, a US-based market analysis and business aviation consultancy company, told AGBI. Clients […] December 13, 2024
Construction Zahid bids for South African equipment firm Zahid Group, a Jeddah-based conglomerate involved in everything from mining to hospitality, is leading a proposed $1 billion-plus takeover of Barloworld, a listed South African construction equipment company. Gulf Falcon Holding, a Zahid Group subsidiary, and Entsha, a South African construction company that is linked to Barloworld’s CEO, Dominic Sewela, have made an offer of […] December 13, 2024
Sustainability Morocco partners with central African nations on EV plan Morocco, the Democratic Republic of Congo (DRC) and Zambia have joined together to develop the infrastructure needed for electric vehicles (EVs), as they strive to lower their dependence on fossil fuels. The three nations will club their resources and experiences to support the development of EV batteries and battery precursors. Developing carbon-free transportation is essential […] December 12, 2024
